S&P rates Multibank notes BBB-

S&P said it assigned its BBB- issue-level rating to Multibank Inc. and subsidiaries’ (BBB-/stable/A-3) senior unsecured notes for up to $300 million, with a five-year tenor.

Multibank plans to use the proceeds to refinance short term debt and to leverage future loan growth.

S&P said the rating on the bank's notes is at the same level as the issuer credit rating on Multibank, reflecting the new debt's pari passu ranking in right of payment with all of the bank's senior unsecured debt obligations. Additionally, S&P’s assessment of the bank's funding and liquidity, including the proposed notes, remains unchanged.

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